The Ghanaian Cedi has emerged as the 7th strongest currency in Africa at the close of the first quarter of 2025, according to the latest rankings by Forbes’ currency index. The Cedi’s exchange rate was recorded at GH₵15.48 to one US dollar, positioning it among the top-performing African currencies.
Despite its ranking, the Cedi witnessed a 5.3% depreciation on the interbank market within the first three months of the year. In the retail market, the local currency experienced a relatively lower depreciation of about 3.0% against the US dollar. According to the Bank of Ghana, the currency’s performance was influenced by global market dynamics and domestic economic policies.
A strong and stable currency is a vital economic asset, particularly for African nations aiming for sustained growth and global competitiveness. Forbes highlights that currency stability helps cushion economies against inflation and external shocks, preserving purchasing power and fostering investor confidence.
For example, Kenya’s Shilling has remained relatively steady due to continuous foreign inflows from remittances and Non-Governmental Organizations (NGOs). Similar economic strategies, such as robust monetary policies and increased foreign investment, could bolster the Cedi’s strength in the coming months.
As Ghana navigates its economic landscape in 2025, analysts anticipate that strategic interventions, including improved foreign exchange reserves and strengthened trade policies, could play a crucial role in stabilizing the Cedi’s value. With global markets evolving, maintaining a competitive currency will be integral to Ghana’s economic outlook in the coming quarters.
Africa’s Strongest Currencies in Q1 2025
At the top of the rankings, Tunisia’s Dinar was recognized as the strongest currency on the continent, with an exchange rate of 3.09 TND per US dollar. It was followed by:
Libyan Dinar (2nd)
Moroccan Dirham (3rd)
Botswana’s Pula (4th)
Seychelles Rupee (5th)
Eritrean Nakfa (6th)
Ghanaian Cedi (7th)
Lesotho Loti (8th)
Namibian Dollar (9th)
South African Rand (10th)
The top five currencies recorded marginal improvements in value compared to previous months, reflecting economic resilience in their respective countries.
